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Showing 31 - 40 of 71 results for "Sole purpose test"

Fee for no service on APRA and ASIC radar

KARREN VERGARA | WEDNESDAY, 10 APR 2019

... of circumstances where services are not provided and substantiate if the deductions are consistent with the sole purpose test and in the best interests of members. They emphasised that "care needs to be taken to ensure that controls do not place undue ...

APRA warns trustees on expectations

ELIZABETH MCARTHUR | THURSDAY, 28 MAR 2019

... conflicts of interest, data and reporting, accountability and remuneration, insurance and inactive accounts, and the sole purpose test. On the issue of the sole purpose test APRA said: "The industry has previously noted that there is ambiguity around ...

Sole purpose test divides industry

HARRISON WORLEY | MONDAY, 11 MAR 2019

... of superannuation regulation, as the industry debates whether bonus frequent flyer points schemes breach the sole purpose test. AustralianSuper is currently offering 20,000 Qantas points to members of the airline's frequent flyer program if they join ...

Sunsuper introduces advice fee caps

JAMIE WILLIAMSON | THURSDAY, 28 FEB 2019

... Sunsuper has introduced financial advice fee caps to combat unnecessary balance erosion, further ensuring the Sole Purpose Test is met. From this week, the $60 billion industry fund has capped the fees payable to a financial adviser via a clients' ...

Conflicts of interest recommendation falls short

KARREN VERGARA | MONDAY, 4 FEB 2019

... that the regulatory architecture underpinning our system is strong and that the best interests covenant, and sole purpose test, set high standards for trustees operating superannuation funds." Fahy said it will be important to work through each of the ...

Super funds call for grandfathering ban

KARREN VERGARA | THURSDAY, 27 SEP 2018

... supports members being able to pay personal advice fees from their superannuation fund balance subject to the sole purpose test and FoFA constraints. But this should only be available if a service has clearly been provided and with the member's consent ...

AFA rejects criticism over grandfathered commissions

JAMIE WILLIAMSON | WEDNESDAY, 26 SEP 2018

... has called for the introduction of guidance around advertising by super funds, taking into account both the sole purpose test and consumer confidence.

DomaCom concludes Federal Court action

KARREN VERGARA | TUESDAY, 25 SEP 2018

... even if a related party is a tenant in the underlying property. Last month, the Federal Court found that the sole purpose test was not breached when a related party of an SMSF rented a Burwood property held by the DomaCom fund. The Court said the primary ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA | MONDAY, 27 AUG 2018

... rise to the following issues: if political advertising is consistent with the intention behind section 62 the sole purpose test of the SIS Act.

Super funds cop governance grilling

HARRISON WORLEY | TUESDAY, 21 AUG 2018

... Hayne said some of the propositions in play were whether this met the perceived interest of members and the sole purpose test. Beginning the hearings, Hodge said super funds had been left "alone in the dark with our money," and questioned whether funds ...

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Australian Unity to shed 195 roles

MATTHEW WAI

Australian Unity is reducing its workforce by 195 positions due to underperformance stemming from delays in government support for its Home Health platform and the integration of several businesses.

Count shutters limited-advice business, slips in size ranking

MATTHEW WAI

Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.

First Super recruits head of investments from Prime Super

MATTHEW WAI

First Super has appointed a new head of investments, replacing Chris Artis, who was in the position for the past three months on an interim basis.

BMO eyes Euroz Hartleys' capital markets business

KARREN VERGARA

Euroz Hartleys confirmed it is in discussions with Canada's BMO Financial Group for a potential sale of its capital markets business for $145 million.

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